The United Arab Emirates (UAE) is looking to expand the use of cryptocurrency in its trade and is focused on ensuring global governance of crypto and crypto companies, according to the UAE Minister of State for Foreign Trade, Thani Al Zeyoudi.
He stated that the UAE is working to attract companies to the country to build the necessary governance and legal systems for crypto. The Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Omar Sultan Al Olama, also recently emphasized that the regulatory frameworks for crypto in the UAE are strict and that no crypto exchanges have been licensed in the UAE yet.
Several crypto trading platforms have received provisional licenses from the Dubai Virtual Assets Regulatory Authority (VARA) and are in the process of being approved.
The United Arab Emirates (UAE) is positioning itself as a leader in the crypto industry with its focus on expanding the use of cryptocurrency in trade and ensuring global governance. This move is a positive development for the crypto industry as it shows that a major player in the global economy is recognizing the importance and potential of crypto in the future of trade and finance.
Furthermore, the UAE’s emphasis on building the necessary governance and legal systems for crypto is crucial for increasing adoption and encouraging more companies and individuals to use and invest in cryptocurrency. This helps establish a stable and secure environment for the crypto industry’s growth and can attract more businesses and investors to the region.
Also, the fact that the UAE has not yet issued any licenses for crypto exchanges but is working on a regulatory framework suggests that they are taking a cautious and responsible approach toward crypto. This can further increase trust and confidence in the crypto industry, especially among more conservative investors and institutions.
With that said, the UAE’s commitment to expanding the use of cryptocurrency in trade and ensuring global governance is a positive development for the crypto industry. It can help to increase adoption and attract more businesses and investors to the region.
